ADB, Cook Islands sign 30-mln-USD loan for sustainable development

MANILA, Dec. 18 (Xinhua) -- The Asian Development Bank (ADB) and the Cook Islands have signed a 30-million-U.S. dollar loan agreement to support the latter in building resilience and spur sustainable growth, the multilateral lender said Wednesday.

The ADB said the program supports the Cook Islands in accelerating reforms to support fiscal resilience and developing a fit-for-purpose modern public sector, including developing the Cook Islands' first sovereign wealth fund.

ADB Director General for the Pacific Leah Gutierrez said the program will enable the Cook Islands to access highly concessional financing under the ADB's new lending terms for small island developing states while supporting reforms to build resilience.

"This includes reforms to adapt to critical challenges in the public sector, labor market, and in relation to environmental management," Gutierrez said. ■